Sinclair Broadcast Group Inc. said Monday that it has agreed to buy Allbritton TV stations for $985 million.
The stations include seven ABC network affiliates that cover nearly 5 percent of U.S. TV households and NewsChannel 8, a 24-hour cable and satellite news network covering the Washington, D.C., area, the company said.
Sinclair expects the deal to close in the fourth quarter if it’s approved by regulators.
To meet Federal Communications Commission rules, Sinclair said it plans to sell the license and related assets of some of its local stations in Birmingham, Ala.; Charleston, S.C.; and elsewhere.
Shares of Sinclair Broadcast rose 59 cents, or 2 percent, to $30.38 in morning trading. The stock has traded between $10.01 and $31.99 over the past 52 weeks.